Your business insurance needs may vary substantially depending on the scope of your profession, employees, where and when you operate and the equipment used to run your business. You may only need a basic liability insurance policy for your business or possibly several types of coverages.
All business owners will purchase some sort of liability insurance coverage. This pays for the property damage, bodily injury and or medical expense coverage the business is considered at fault for. Coverage can be for on-premise and off-premise risk. Coverage can be extended to Product Liability coverage for those business’ that manufacture and distributes products.
If your company operates with the use of a vehicle/s you will need a commercial auto insurance policy. Keep in mind that you will not need to carry a personal auto insurance at the same time, on the same vehicle. With the use of a business vehicle comes increased risk. Having a commercial auto policy designed to cover those situations, is highly suggested. The lively hood of your business may depend on it.
At times you may need to insure the office you run your business out of, the commercial building you rent or own, the home office you have, or the home or office you rent to others. Coverage depends on the type of risk associated with the profession and the activities involved on the premise. Basic coverages include the dwelling structure, bodily injury, property damage and medical expense coverage.
If you have employees, workers compensation will help cover the medical bills and rehabilitation if injured on the job. It will also pay for lost wages and death of employee while on the job.